February 3, 2020, 6:39AM EST
• 4 min read

Silvergate Bank 4Q19 Update: Notable outflows from institutional investors; Deposits and SEN volume decline

Quick Take

  • Crypto-friendly Silvergate Bank reported its first earnings as a public company on Wednesday followings its IPO last November
  • Despite recognizing a 6% increase in the bank’s digital currency-related client base during the quarter, deposits fell by 4% which was mainly attributable to a 15% decline in its institutional investor segment
  • Transaction volume on its payment platform, SEN, declined by 8% sequentially to $9.6 billion
  • Management’s main areas of focus moving forward include continuing to grow its customer base, increasing SEN-related fee income, and expanding its unique product offering to digital currency-related customers

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